Core Viewpoint - Despite facing U.S. tariffs, China's export growth accelerated in September, with a year-on-year increase of 8.3%, surpassing the 4.4% growth in August and exceeding expert predictions of 6% [1][3]. Group 1: Export Performance - China's exports to the U.S. have been declining since the imposition of tariffs by the Trump administration, which began several years ago [3][4]. - Exports to Asia, Africa, and Latin America are increasing, offsetting the impact of U.S. tariffs [3][4]. - In 2024, China's trade with RCEP member countries is projected to reach 13.16 trillion yuan, a year-on-year increase of 4.5%, maintaining over 30% of China's total trade [3][4]. Group 2: Strategic Response - China's export performance is attributed to a diversified export strategy, with ASEAN becoming the largest trading partner, surpassing the U.S. market [3][4]. - The implementation of the RCEP has provided new momentum for China's exports [3][4]. - Companies are adapting to tariffs through supply chain adjustments and diversification, as exemplified by BYD's overseas sales reaching 470,000 units in the first half of 2025, particularly in Europe [4][6]. Group 3: U.S. Tariff Impact - The effectiveness of U.S. tariffs has been lower than expected, with tariff revenue for the U.S. in fiscal year 2025 projected at $122 billion, only 6.5% of the predicted deficit [6]. - The U.S. has had to grant tariff exemptions on certain products, highlighting the contradictions in its tariff strategy [6]. - As China's export resilience continues to grow, the marginal benefits of U.S. tariffs are diminishing, making them increasingly ineffective [6][8].